Small Business, Self-Employed, Other Business > Starting or Ending a Business

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Frequently Asked Tax Questions

Small Business, Self-Employed, Other Business - Starting or Ending a Business

I am starting a small business. What assistance can IRS give me?
How do I find out about whether or not my business needs to collect sales tax?
I just started a small business and want to know if I have to file my income taxes quarterly or at the end of the year?
What is the due date for business returns?

Rev. date: 08/04/2012

Home Used for Business

New Trade or Business

Small Business

Starting a Business and Keeping Records

Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ)

When you’re running a business, you don’t need to be a tax expert too. But you do need some tax basics. IRS Small Business Advantage gives you the information you need to stay tax compliant so your business can thrive. Put our knowledge to work for you.

A good place to begin is the Starting a Business page on IRS.gov.
The Small Business and Self-Employed Tax Center has information on taxes, recordkeeping, accounting practices, completing federal business and employment tax returns, and meeting other federal tax obligations.
Take the Virtual Small Business Tax Workshop, a series of lessons to help you learn about your tax rights and responsibilities.
Subscribe to e-News for Small Businesses and receive a bi-weekly email that will help you stay up to date.
Bookmark our Online Learning and Educational Products page. Choose products such as the Tax Calendar desktop tool and view videos on a variety of topics, to help you learn even more about business taxes on your own time and at your own pace.

Note: See also Closing a Business.

Rev. date: 08/04/2012

New Trade or Business

Your question is a state tax question. Your state revenue department should provide information regarding sales tax to you. To access the state you need to direct your question to, please go to our State Links.

Rev. date: 08/04/2012

The Federal Income Tax return is filed annually.

If your business is a sole proprietorship or an unincorporated LLC with you as the sole owner, when you file your income tax return at the end of the year:

You include the income from the business on your Form 1040 (PDF), U.S. Individual Income Tax Return, Schedule C (Form 1040) (PDF), Profit or Loss from Business, and Schedule SE (Form 1040) (PDF), Self-Employment Tax.
If estimated tax payments were made during the year, they will be claimed on the individual income tax return as a payment.

Estimated tax payments are paid quarterly.

As a self-employed individual, if after deducting any withholding and credits you expect to owe more than the amount allowed by law at the end of the year:

You should make estimated tax payments on a quarterly basis.
Form 1040-ES (PDF), Estimated Tax for Individuals, will assist you in determining if estimated tax payments are due and how they are paid.

Additional Information

Publication 583, Starting a Business and Keeping Records Publication 334, Tax Guide for Small Business Publication 505, Tax Withholding and Estimated Tax

Rev. date: 08/04/2012

Publication 509

Tax Calendar

Some forms and entities have due dates other than the April 15th due date. The instructions for the each type of form used will have the appropriate due date(s) noted:

The sole proprietor's Schedule C of income and expenses is attached to the Form 1040 (PDF). Therefore, the due date is the 15th day of the fourth month following the end of your tax year. For most taxpayers who are on a calendar year, this is April 15.
A partnership generally must conform its tax year to the tax year of the partners unless the partnership can establish a business purpose for having a different tax year. The partnership tax return is generally due by the 15th day of the fourth month following the end of your tax year.
A corporation may use either the calendar year, or a fiscal tax year. The corporate tax return is due by the 15th day of the third month following the end of the tax year.
An S corporation generally must use the calendar year, unless the entity can establish a business purpose for having a different tax year. The due date is the 15th day of the third month following the end of the tax year.

Additional Information

Publication 542, Corporations Publication 541, Partnerships Publication 334, Tax Guide for Small Business

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Frequently Asked Tax Questions

Small Business, Self-Employed, Other Business - Starting or Ending a Business

I am starting a small business. What assistance can IRS give me?

How do I find out about whether or not my business needs to collect sales tax?

I just started a small business and want to know if I have to file my income taxes quarterly or at the end of the year?

What is the due date for business returns?